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Marketing Revision (add your own notes to these) Marketing mix (4 Ps) Price - § Cost plus § Penetration (existing markets) § Skimming (new market) § Discriminatory Place - § Direct § Indirect Product – § Branding § Packaging Promotion - § Advertise TV Radio Newspapers Billboards Sales Promotions – Competitions 2 for 1 Money off Product life cycle Think pricing and promotion strategies for each stage of life cycle Market Research (Finding out about the market) Primary (Field research) Research First hand information § Observation § Surveys(questionnaires) § Interviews Advantages Disadvantages Secondary (Desk research) Research Second hand information Published statistics Market research companies Newspaper surveys Advantages Disadvantages Market segmentation (splitting the market in to like groups) Age Gender Socio economic groups Marketing key points Make sure that the marketing mix is suitable for the size of the business. Identify the target group – local or national? Small local businesses – use local papers to advertise. Use observations as research and secondary sources of information Always use secondary sources of data first and use primary research second because of the cost and time primary research takes Pricing – use skimming if a brand new product – use penetration if new product into existing market Place - if needs passing trade – use a High Street Think about an Internet site Branding - image, colour, logo, name leads to customer loyalty Packaging – protects, gives information Think about what competitors are doing at different stages of the life cycle. |